GMS chief forecasts rebound in ship recycling as market pressures mount
- Anil Sharma, head of the world’s largest ship-recycling cash buyer GMS, expects global recycling activity to finally accelerate from 2026 following four slow years
- Rising new containership deliveries, stabilisation of Red Sea routes and the ageing shadow fleet will all be factors in boosting deliveries of old ships to recyclers
- While Indian recyclers are accepting shadow fleet vessels via local-currency transactions, Bangladesh and Pakistan have avoided them completely
After a fallow four years for ship recyclers Sharma believes more vintage ships will be making their way to scrap yards. Meanwhile, GMS has intensified efforts to support HKC compliance, providing training and infrastructure guidance to yards, including helping Pakistan achieve its first HKC-compliant facility
